The Nasdaq ended the regular session pretty much flat and formed another doji. Volume was higher than yesterday at 2.2 billion shares. Although today's session had a lot of volatility associated with the FOMC policy announcement, the real volatility occured after the close when GOOG released its quarterly results and reported lower than expected margins, a higher tax rate and thus lower EPS. Revenues, on the other hand, were in line. GOOG's results negatively affected most of the internet space in AH as well as many non-internet names such AAPL and BRCM. GOOG is currently trading at $377.50 from a regular session close of $432.00. NDX futures are down 17.5 points. Assuming a large negative gap on tomorrow's open, we could be looking a bearish island reversal pattern. In any case, the last three sessions will likely mark a lower high for the Nasdaq.
Tuesday, January 31, 2006
Nasdaq Technical Picture
The Nasdaq ended the regular session pretty much flat and formed another doji. Volume was higher than yesterday at 2.2 billion shares. Although today's session had a lot of volatility associated with the FOMC policy announcement, the real volatility occured after the close when GOOG released its quarterly results and reported lower than expected margins, a higher tax rate and thus lower EPS. Revenues, on the other hand, were in line. GOOG's results negatively affected most of the internet space in AH as well as many non-internet names such AAPL and BRCM. GOOG is currently trading at $377.50 from a regular session close of $432.00. NDX futures are down 17.5 points. Assuming a large negative gap on tomorrow's open, we could be looking a bearish island reversal pattern. In any case, the last three sessions will likely mark a lower high for the Nasdaq.
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